BearTax vs. Bitwave

BearTax is a clever solution for crypto investors who want to keep up with their tax obligations but don’t want to make a lot of changes to their existing routine. This app lets you use your existing tax reporting software, like TurboTax, to handle your crypto tax obligations. As someone who uses TurboTax for my own taxes every year, I was able to get up and running with BearTax in a matter of minutes.

If you are mainly using Bitcoin, ERC-20 tokens, or any supported chains where they have automatic data retrieval the system is great. The biggest issue, which Bitwave is constantly working on, is not supporting automatic transaction retrieval of specific crypto blockchains. They currently have a workaround by allowing manual uploads of unsupported chains (i.e., layer two chains like Arbitrum or Cosmos-based chains). The Bitwave platform still works excellently with unsupported chains; however, it is just a little more time-consuming b/c transactions are inputted using a CSV file that needs to be correct. But I imagine they will continue to add new supported chains, and since I have been a customer, I have seen the number of blockchains they support at least double.

Incentivized

• I've been using BearTax for a few months and it's been great. The platform is very intuitive and user-friendly. After inputting all of my trades, it's super easy to generate a report so I can quickly add to my tax software. I've been recommending it to other people in the crypto space who are also looking for good crypto-specific tax software.
• Overall, I was impressed with the ease of use that comes with the BearTax service. Unlike other crypto tax accounting apps that I’ve tried, I didn’t have any issues importing my trading data into BearTax or generating a full tax report in seconds. This tool will definitely come in handy for anyone who has crypto capital gains to report every year.

• Ability to categorize taxable and non-taxable transactions.
• Able to handle DeFi transactions.
• Documentation support to track digital asset balances & locations.
• Can read token transaction activity better than most wallet explorers.

• Bitwave can seemingly miss picking up some transactions due to glitches, but if you discover them, they can resolve them.
• Ability to re-sync transactions to ERP if there are changes, without having to delete said transaction in ERP first

Legible was similar service but too high in pricing. Coinpanda was able to support some chains that Bitwave wasn't able to automatically support; however, Coinpanda was a less professionalized operation with less customer support.

Incentivized